The nature of marketing work necessarily entails a much broader and less defined industry standard for establishing and maintaining KPIs.
Due to its highly subjective nature, marketing teams across various industries may have an overabundance of metrics or may have too few in place to establish an effective OKR.
Though marketing metrics may seem more abstract and difficult to track than those of, for example, sales teams, there are ways to take marketing strategies in place and translate them into meaningful metrics to begin writing your marketing team’s OKR.
Let’s look at a classic example of a marketing OKR:
- Objective: Increase social media platform marketing for newly released products in 2018.
- Key results:
- Increase 3,000 new followers on each social media platform this quarter.
- Increase social media post engagement to at least 5,000 per post for each new Product.
- Increase website visitors by organic search by 2x
Marketing team needs to derive several of its objectives from other departments. They have to keep track of sales revenue, cost per lead, customer lifetime values, conversion ratios, and many other vital components to understand their target market. Therefore sharing and aligning with OKRs from other departments aids effective and smooth functioning.
Let’s look at a marketing OKR example which is inter departmental: Marketing and Sales
- Objective: Get more customers
- Key results:
- Increase inbound leads from 30% to 70% by the end of the month (Marketing)
- Increase lead to demo ratio 50% to 60% by mid this month (Sales)
